Watts Waters (WTS) High Demand Could Lead to Easy Opportunities to Recover- Stifel
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Stifel analyst Nathan Jones reiterated a Buy rating and $96.00 price target on Watts Waters (NYSE: WTS), citing that under construction projects are still to be finished on time, the raising revenue outlook, replacement growing with GDP as demand rises, and extra inventory being held to satiate higher demand.
The analyst stated "We maintain our Buy rating on WTS shares with a $96 target price. We were fortunate to host CEO Bob Pagano and CFO Shashank Patel for investor meetings earlier this week. Demand trends have improved modestly as noted in Watts' 8-K and Watts does see opportunities to gain share in the recovery. We continue to believe the medium-term opportunities to gain share and expand margins are strong and management is executing well through the downturn with discrete opportunities to gain share."
Shares of Watts Waters closed at $86.38 yesterday.
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